CEL-SCI Corporation (NYSE American: CVM) announced the closing of its best-efforts public offering of 6 million shares of common stock at $1.20 per share, generating gross proceeds of approximately $7.2 million before fees and expenses. The company stated that net proceeds will be used to support continued development of Multikine, its investigational immunotherapy for head and neck cancer, as well as for general corporate purposes and working capital.
This capital infusion comes at a critical time for CEL-SCI as it advances Multikine through clinical development. Multikine (Leukocyte Interleukin, Injection) is designed to boost a patient's immune system before surgery, radiotherapy, and chemotherapy have damaged it, potentially providing the greatest possible impact on survival. The therapy is intended to help the immune system target the tumor when it is still relatively intact, thereby mounting a more effective attack.
Multikine has been dosed in over 740 patients and received Orphan Drug designation from the U.S. Food and Drug Administration for neoadjuvant therapy in patients with squamous cell carcinoma of the head and neck. The company believes that this approach could significantly improve outcomes for patients diagnosed with this type of cancer.
The offering was conducted on a best-efforts basis, meaning the underwriters were not obligated to purchase any unsold shares. CEL-SCI's ability to close the offering despite market conditions demonstrates continued investor interest in its pipeline. The company operates from facilities in Vienna, Virginia, and near Baltimore, Maryland.
For more information about CEL-SCI and its clinical programs, visit the company's website at https://cel-sci.com/. The full press release regarding the offering is available at https://ibn.fm/T5Ng2.
